Mount Sinai earns $5M, Fitch upgrades rating

Mount Sinai Medical Center boosted both its profits and revenue in the second quarter as Fitch Ratings upgraded its rating on the hospital’s bonds.

The Miami Beach nonprofit earned $5.1 million on revenue of $130.5 million in the second quarter, up from $4.4 million on revenue of $124.1 million in the same period a year ago, according to a report to its bondholders.

Mount Sinai’s revenue increased because it performed more surgeries and cardiac procedures, and saw more people in its emergency rooms.

Also during the second quarter, the medical center closed on a purchase of Aptium Oncology, which manages cancer care at Mount Sinai's outpatient clinic. This added $988,000 in labor costs to the quarter.

Meanwhile, Fitch upgraded Mount Sinai’s bond ratings to “BBB”, from “BBB-“. That puts them on the lower level of investment grade.